Laserfiche WebLink
City of Mounds View Business Subsidy Policy <br />Amended (Expected) November 2015 <br />Page 11 of 8 <br /> <br /> <br /> <br />B. Maintain Facility <br />The recipient agrees to maintain and operate its facility at the site where the subsidy is <br />used for a period of five years after the date the subsidy is provided. <br /> <br />C. Failure to Comply <br />Businesses failing to comply with the subsidy agreement will be subject to the terms of <br />the individual agreement, fines, repayment requirements, at the rate established within <br />the Minnesota Business Subsidy Law, and be deemed ineligible by the State to receive <br />any loans or grants from public entities for a period of five years. <br /> <br /> <br />VIII. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br /> <br />A. Application for business subsidies shall be made on forms for the particular form of <br />assistance provided by the City of Mounds View Economic Development Coordinator, or <br />designee. A deposit fee of $ 5,000.00 shall accompany any Tax Increment Finance request <br />application to cover the City’s initial legal, administrative, and planning costs. A fee of <br />$1,000.00 shall accompany any Tax Rebate (or Abatement) Financing to cover the City’s <br />legal, administrative, and planning costs. <br /> <br />Following a review by appropriate City Staff the application shall be referred to the <br />Economic Development Authority for recommendation to the City Council for further <br />action. <br /> <br />B. The application for business subsidies shall request information required within the City’s <br />policies on the particular form of subsidy including but not limited to; a detailed description <br />of the project; a preliminary site plan; the amount of business subsidy requested; the public <br />purpose of the project; the number and types of jobs to be created; the wages and benefits <br />to be paid new employees; and verifiable funding sources and uses. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Formatted: Font: Gill Sans MT <br />Formatted: Font: Gill Sans MT <br />Formatted: Font: Gill Sans MT, 12 pt <br />Formatted: Font: 12 pt <br />Formatted: Font: Gill Sans MT <br />Formatted: Font: Gill Sans MT, 12 pt